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The press service of the consulting company IBC Global informs Kursiv Uzbekistan about an estimated deficit of 20 million square meters of high-quality logistics real estate and warehouse space in Uzbekistan, Kyrgyzstan and Tajikistan in 2024.

IBC Global managing partner Stanislav Akhmedzyanov mentions that finding quality warehouses in these countries is nearly impossible.

The expert stated that most of the existing warehousing facilities in these countries are of class “B,” and even those are contracted.

According to Akhmedzyanov, Uzbekistan has only 0.006 square meters of warehouse space per capita, while Kazakhstan has 0.07 square meters.

Uzbekistan is projected to add...

 The press service of the Ministry of Energy of the Kyrgyz Republic has announced the plan to kick off the construction of the Kambar-Ata-1 HPP in 2025.

 In preparation, Bishkek is actively developing the necessary infrastructure for the power plant, supported by a governmental allocation of nearly $7 million in fall 2023.

The completion of major preparatory work is anticipated before December 2024.

A coordination committee, including the Asian Development Bank (ADB), the World Bank (WB), and other international financial organisations, was established in early June 2024.

Notably, the collaboration between Uzbekistan and Kyrgyzstan in this significant...

On Tuesday, August 20th, Uzbek entrepreneur Farkhod Mamatdjanov announced the launch of a new mobile provider in Uzbekistan. The British company Vodafone plays a vital part in this project.

The Uzcard payment system will also be involved.Under the Vodafone brand, the new provider should introduce 5G communication services between January and March 2025, with an estimated investment of 250 million euros.

Established in 1984, Vodafone provides mobile and internet services in Africa, Asia, and Europe.

Vodafone’s net profit was $1.5 billion at the end of March 2024, and operating income was $3.7 billion.

Additionally, Kursiv Uzbekistan reported earlier...

 In a recent open dialogue with entrepreneurs, Uzbek President Shavkat Mirziyoyev revealed a series of measures to support food and drink venues in the country. From January 1, catering businesses will be eligible to receive a portion of the VAT in cashback.

Under the new scheme, catering enterprises that process 60% of their monthly turnover through non-cash transactions will receive an immediate 40% VAT refund after payment. If the non-cash turnover exceeds 60%, the cashback will be reduced to 20%.
The president also announced a half-cut in income tax for restaurants and cafes that are VAT payers. Furthermore, starting from...

President Shavkat Mirziyoyev believes that Uzbekistan’s decision to join the World Trade Organization (WTO) is a carefully considered and forward-thinking choice. During a discussion with Uzbek entrepreneurs, he emphasized that WTO membership is crucial to the country’s reforms.
Addressing concerns about potential negative impacts, Mirziyoyev stressed the importance of import duties and ongoing negotiations with WTO members.

He highlighted the significance of establishing a level playing field for trade and pursuing an export-oriented industrial and trade policy to ensure the nation’s future economic growth.

Mirziyoyev further emphasied the need for Uzbekistan to align with international standards to enhance the...

Agricultural exports are vital to Uzbekistan’s economy, but this reliance makes the country vulnerable to climate change. Suna Park, advisor to the Minister of Ecology, Environmental Protection, and Climate Change and director of the National Center for Green Transformation and Adaptation to Climate Change, told how the weather affects the country’s economy.

The expert underlines that the air temperature in Central Asia has increased by 1.5 degrees over 30 years, double the global average. Moreover, in the past 50-60 years, the region’s glaciers have decreased by 30%.

These factors lead to water scarcity, soil degradation, and an increased risk of...

The Central Bank of Uzbekistan has approved regulations on Islamic funding for microfinance institutions (MFIs). The regulations are developed in accordance with the standards of AAOIFI (the Accounting and Auditing Organization of Islamic Financial Institutions) and consider local expertise, as explained by the Central Bank.

The regulations outline the core requirements for the provision of services. For instance, an MFI should establish Special Board of Islamic finance coordination (with the option to outsource this function).

In cases where MFIs also provide traditional financial services, the accounting for Islamic transactions must be kept separate.

The regulation details the procedure...

Nowadays, distances seem shorter, and borders are more open, so travelling has become an essential part of the lifestyle. It opens up world destinations for exploring different cultures, promoting tolerance and creating opportunities for international cooperation.

In May 2024, Mastercard released its fifth annual report, Travel Trends 2024: Breaking Boundaries, identifying current travel industry trends. For example, the report revealed that travellers spend one more day on holiday than before the COVID-19 pandemic.

Kursiv interviewed Suleyman Sozeri, the company’s vice president for the CIS countries, about how Mastercard turns tourism into a world economic development driver by hard numbers...